Essnce

The Central Bank of Russia on Thursday cut its key interest rate from 14% to 11%, citing a slowing in inflation and the recovery of the ruble 🏦💰
Following an extraordinary meeting, policymakers opted for another 300 basis point cut, the Bank's third since an emergency hike of the key rate from 9.5% to 20% in the immediate aftermath of Russia's invasion of Ukraine, and the imposition of punitive sanctions by Western powers. At the time, the CBR also imposed strict capital control measures in a bid to mitigate the impact of sanctions and prop up the ruble.